Taiwan’s two major fuel suppliers yesterday announced price increases for this week, citing a rebound in international crude oil prices as the trade tensions between China and the US showed signs of easing.
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said that the price of its gasoline and diesel will increase by NT$0.5 per liter and NT$0.4 per liter respectively, starting today.
Following the adjustments, retail prices at CPC gas stations will be NT$26.8 per liter for 92-octane unleaded, NT$28.3 for 95-octane unleaded, NT$30.3 for 98-octane unleaded and NT$24.6 for super diesel.
The price hike came amid signs of easing tensions between the US and China on trade issues, and Saudi Arabia’s decision to reduce oil production, which sent crude prices soaring last week.
CPC adjusts its fuel prices weekly based on a floating oil price formula, which showed the price of crude increased US$2.26 over the past week to US$60.73 per barrel, the company said.
Formosa Petrochemical Corp (台塑石化) announced identical hikes, also taking effect today.
The privately run company said prices at its gas stations will be NT$26.8 per liter for 92-octane unleaded, NT$28.2 for 95-octane unleaded, NT$30.3 for 98-octane unleaded and NT$24.4 for diesel.
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